Origins

History indicates that futures trading may have originated in ancient Babylon. As people developed systems of exchange, barter systems were developed that eased the physical burdens of handling the commodities themselves.

Commodities Traded

Commodities like livestock, cattle, food, and even slaves were traded openly in the marketplace. As long as a trader had what someone else wanted, there was a market for anything that could be made.

Archaeological Evidence

Coins and clay tablets have been discovered that are artifacts and records of trading that occurred in the ancient city. Tokens were simply easier to use than to actually handle the items traded. These tokens were usually made in the shape of the items being traded. Clay tablets have been found containing detailed records of transactions.

No Wall Street

While government oversight was all but unheard of in ancient commodities futures trading, respected kingdoms often served as arbiters for dispute resolution.

Fun Fact

Between the years 1200 and 1400 A.D., the Knights Templar advanced the concepts of commodity futures trading to more sophisticated, orderly, and efficient methods of active trading. This was so successful that many Knights Templar even went on to become bankers for some of the wealthiest families in Europe.

Source:

history of futures trading

US Commodity Futures Trading Commission